Amex Points vs. Chase Points [2023]: Which Rewards are Most Worth the Effort?

Some of the most valuable points you can earn with credit cards are from American Express and Chase.

While airline miles and hotel points can be wonderful, they can generally only be redeemed through those brands. Amex Membership Rewards and Chase Ultimate Rewards can be redeemed in multiple ways giving you more flexibility and choices — and potentially more value.

But getting the most out of your points often means committing to one rewards program. When it comes to Amex points vs. Chase points, how do you choose?

In this article, we'll compare these two popular rewards programs to help you select the right one for you.

Amex points vs. Chase points

When comparing Amex membership rewards points vs. Chase points, there are many similarities, including pooling points, flexible redemptions, and bonuses in certain spending categories. But just as taking the time to compare credit cards can help you pick the right one, so can taking the time to compare and contrast the rewards programs from these two credit card issuers.

American Express Membership Rewards Points

Amex Membership Rewards are the flexible points earned by many personal and business cards from American Express. What are Membership Rewards points worth? These cards typically earn a base point value of 1 point per $1 spent, with some Amex cards earning bonus points based on where you make your purchases. If you have multiple personal or business Amex cards, all of your Membership Rewards points are combined into one pool of points.

You can redeem American Express points in numerous ways, including booking travel through American Express Travel, points transfers to airline or hotel partners, gift cards, and statement credits. In general, redeeming points for gift cards, statement credits, and online shopping offer the lowest redemption values for Amex points. You can book flights, upgrades, and Fine Hotels & Resorts through Amex Travel at 1 cent per point. Generally, you can find the best value by transferring your points to a travel partner to book an award reservation.

Top cards that earn Membership Rewards Points include:

• American Express^® Gold Card
• The Platinum Card^® from American Express
• The Blue Business^® Plus Credit Card from American Express

Chase Ultimate Rewards Points

Chase Ultimate Rewards is also a flexible points program that allows cardholders to earn and redeem points in many ways. You can earn Ultimate Rewards points through select Chase credit cards, by shopping through its portal (cardholders only), and with limited-time offers from certain Chase banking and lending products. The earning rates for Chase Ultimate Rewards can vary by card and category.

There are eight personal and small business credit cards that earn Chase Ultimate Rewards. Although several Chase credit cards are marketed as cashback, like the Chase Freedom Unlimited, they actually earn Ultimate Rewards points.

Ultimate Rewards points can be redeemed for travel, gift cards, cash back, and online shopping at a redemption rate of up to 1 cent per point. When you have certain rewards credit cards, like the Chase Sapphire Reserve, points can be redeemed for up to 1.5 cents per point for travel and transferred to airline and hotel partners.

Top cards that earn Ultimate Rewards Points include:

• Chase Sapphire Preferred^® Card
• Chase Freedom Unlimited^®
• Ink Business Preferred^® Credit Card

Now let’s look at these points systems head to head.

How much are Amex points and Chase points worth?

According to feedback from our community, Amex points and Chase points are both worth an average of 2 cents each. Your experience will vary depending upon how you redeem them through the issuer or with their respective partners. Each bank offers numerous options for redemption, and the values for each method vary.

This chart breaks down the potential value you can expect to receive based on which redemption options you choose. Remember that you don't have to redeem all your points at once, and you can select multiple methods of redeeming points.

Average value per point	Amex	Chase
Cash back	0.6 cents	1 cent
Pay Yourself Back	N/A	Up to 1.5 cents
Booking travel	0.5 to 1 cents	1 to 1.5 cents
Transfer partners	2 cents	2 cents
Online shopping	0.5 to 1 cents	0.8 cents
Gift cards	Up to 1 cent	1 cent

Amex and Chase transfer partners

Amex and Chase have multiple airline and hotel transfer partners that allow you to convert your flexible points into the airline miles and hotel points in their loyalty programs. Transfers allow you to book reservations for a potentially higher value than you would get by booking travel using your points like cash.

The table below shows the current travel partners for each program. You'll notice some overlap, but the majority of the partners are exclusive to each card issuer. Many travelers pick the flexible points they want to earn based on their favorite airline and hotel loyalty brands.

	Amex	Chase
Airline partners	18	11
Hotel partners	3	3
Total partners	21	14
Airlines	Aer Lingus Aeromexico Air Canada Air France KLM Alitalia All Nippon Airways Avianca British Airways Cathay Pacific Delta Emirates Etihad Hawaiian Iberia JetBlue Qantas Singapore Airlines Virgin Atlantic	Aer Lingus Air Canada Air France KLM British Airways Emirates Iberia JetBlue Singapore Airlines Southwest United Airlines Virgin Atlantic
Hotels programs	Choice Privileges Hilton Honors Marriott Bonvoy	IHG Rewards Club World of Hyatt Marriott Bonvoy

Amex and Chase travel portals

Amex and Chase let you book travel with cash, points, or a combination of the two through their travel portals. Each portal has its pros and cons that you should factor in when booking travel.

Amex Travel

When booking with the Amex Travel portal, the value of your points depends on what type of reservation you are trying to make. Points are worth 0.7 cents each when booking prepaid hotel rooms, prepaid car rentals, cruises, and vacation packages. Airfares, flight upgrades, and Fine Hotels & Resorts reservations are worth 1 cent each. You cannot book tours, Airbnb, shuttles, or other types of travel reservations with your points.

Fine Hotels & Resorts is an exclusive program available to Amex Platinum cardmembers. These reservations include perks similar to those you get by having elite status in hotel loyalty programs, such as early check-in, room upgrades, and daily complimentary breakfast for two.

When booking with cash, certain Amex credit cards earn bonus points when using Amex Travel to make your reservations. For example, the Amex Platinum Card offers 5X points on flights booked directly with airlines or on Amextravel.com (on up to $500,000 per calendar year, after that 1X) and prepaid hotels booked on Amextravel.com.

Chase Ultimate Rewards Portal

Through the Chase travel portal, you can book flights, hotels and vacation rentals, rental cars, cruises, activities, and more. The value of your points ranges from 1 cent to 1.5 cents, depending upon which credit card you have. Ultimate Rewards travel reservations can be paid for with points, cash, or a combination of the two.

When booking reservations in cash through the portal, you'll earn rewards based on the card you use to pay for the trip. For example, if you paid with the Chase Freedom Flex℠, you'll earn 5% back on rotating quarterly categories (on up to $1,500 spent) and travel purchased through the Chase Ultimate Rewards portal.

Pooling and transferring points

No matter how many personal or small business American Express cards you have, all your points are automatically pooled into one account. This allows you to easily combine points for larger purchases and redemptions. Plus, if one of your accounts is closed, you will not lose any of the points in your pool.

Chase allows points to be pooled, but you have to transfer them between accounts manually. Whichever card holds the points determines their value and the available redemption options. For example, points earned with the Chase Freedom Unlimited are worth 1 cent through the Chase portal and cannot be transferred to a Chase partner. 

However, when those points are transferred to the Chase Sapphire Preferred, Chase Sapphire Reserve, or Chase Ink Business Preferred, partner transfer options become available, and you can book travel through Chase at up to 1.50 cents per point.

The best cards to earn Amex Membership Rewards

American Express offers many personal and small business cards that earn Membership Rewards points. Here are some of the best American Express credit cards:

• American Express^® Gold Card
• American Express^® Green Card
• Amex EveryDay^® Preferred Credit Card
• The Platinum Card^® from American Express
• The Blue Business^® Plus Credit Card from American Express
• The Business Platinum Card^® from American Express
• American Express^® Business Gold Card
  

Many of these cards offer enhanced earnings in select categories and valuable perks and benefits to cardholders. Some Amex cards have no annual fee, while others have annual fees as high as $695 per year.

Welcome bonuses are a way to quickly earn a massive amount of Membership Rewards points. For example, here is the current welcome offer for the Amex Platinum: Earn 80,000 Membership Rewards points after spending $6,000 on purchases in the first 6 months.

The American Express Gold Card is also very popular because it earns 4X Membership Rewards points at U.S. supermarkets (up to $25,000 per year, after that 1X) and at restaurants, plus takeout and delivery in the U.S., 3X on flights booked directly with airlines or on Amextravel.com, and 1X on all other eligible purchases. It also features an attractive bonus of 60,000 Membership Rewards points after you spend $4,000 in first 6 months after account opening. Terms apply.

Check out our American Express Gold Card review for more details.

The best cards to earn Chase Ultimate Rewards

Chase offers a variety of personal and small business credit cards that earn Ultimate Rewards points. Here are the most popular:

• Chase Freedom Flex℠
• Chase Freedom Unlimited^®
• Chase Sapphire Preferred^® Card
• Chase Sapphire Reserve^®
• Ink Business Unlimited^® Credit Card
• Ink Business Preferred^® Credit Card

These cards range from no-annual-fee cashback cards to luxury travel cards like the Chase Sapphire Reserve card, which comes with premium benefits and a luxury price tag.

Chase credit cards primarily earn Ultimate Rewards points in two ways: the one-time sign-up bonus and spending. One-time bonuses when you first apply can offer substantial rewards.

The Chase Freedom Flex is an excellent $0 annual fee card for everyday purchases. It earns 5% cash back on rotating quarterly categories (on up to $1,500 spent) and travel purchased through the Chase Ultimate Rewards portal; 3% cash back on drugstore purchases and dining at restaurants (including takeout and eligible delivery service); and 1% cash back on all other purchases.

 The Chase Sapphire Preferred card is one of the best travel credit cards and is currently offering a bonus of 60,000 points after spending $4,000 in first 3 months. This bonus is worth up to $750 when used to book travel through Chase Ultimate Rewards.

Check out our Chase Sapphire Preferred review for more details.

Which is right for you: Amex points vs. Chase points

When deciding between the Amex Membership Rewards program vs. Chase points, the "right" choice will be personal, based on your lifestyle, spending, and travel habits. Here’s a concise list of pros and cons so you can consider which program could be the best fit for you:

Pros of Amex points

• Automatically combine points from multiple cards into one bucket
• Transfer to 18 airline and 3 hotel transfer partners
• High potential value when redeeming for first-class or business-class airfares
• Occasional transfer bonus promotions
• Pay With Points at checkout at Amazon, PayPal, and others
• Points do not expire

Cons of Amex points

• Partner transfer ratios vary by airline and hotel
• Poor redemption value for cash back, online shopping, and gift cards
• Once per lifetime rule on welcome bonuses

Pros of Chase points

• Transfer 1:1 to 11 airline and 3 hotel transfer partners
• Earn bonus points through the Ultimate Rewards shopping portal
• Worth up to 50% more for travel and Pay Yourself Back
• Cashback option is 1 cent per point
• Points do not expire

Cons of Chase points

• Must manually combine points from different cards
• Points have different redemption values depending on the card
• The Chase Sapphire 48-month rule and Chase 5/24 Rule limit new cards

FAQs

Bottom line

American Express Membership Rewards and Chase Ultimate Rewards are both top-rated rewards programs. Cardholders love how they can earn these points with multiple credit cards and combine their points balances for larger redemptions. Both of these programs are winners with some of the best credit cards on the market. The choice of which program you focus on should be a personal decision based on how you prefer to earn and redeem your rewards and which transfer partners you like better.

The good thing is you don't have to choose just one. Instead of thinking about Amex points vs. Chase points, you could choose to earn both to take advantage of the sweet spots in both loyalty programs and maximize your spending, rewards, and benefits. You could even consider working in another rewards program such as Citi ThankYou Points and reap the benefits of all three programs.